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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Comstock Inc | AMEX:LODE | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.014 | -5.16% | 0.2574 | 0.28 | 0.25 | 0.28 | 956,340 | 00:55:46 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
NEVADA
(State or other jurisdiction of
incorporation or organization)
|
|
1040
(Primary Standard Industrial
Classification Code Number)
|
|
65-0955118
(I.R.S. Employer
Identification No.)
|
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
Non-accelerated filer
|
|
x
|
|
Smaller reporting company
|
|
x
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
REVENUES
|
|
|
|
||||
Revenue - mining
|
$
|
—
|
|
|
$
|
—
|
|
Revenue - real estate
|
48,425
|
|
|
37,598
|
|
||
Total revenues
|
48,425
|
|
|
37,598
|
|
||
|
|
|
|
||||
COSTS AND EXPENSES
|
|
|
|
||||
Costs applicable to mining revenue
|
125,893
|
|
|
505,393
|
|
||
Real estate operating costs
|
13,596
|
|
|
10,424
|
|
||
Exploration and mine development
|
136,721
|
|
|
225,867
|
|
||
Mine claims and costs
|
122,070
|
|
|
150,954
|
|
||
Environmental and reclamation
|
26,798
|
|
|
53,451
|
|
||
General and administrative
|
845,228
|
|
|
660,366
|
|
||
Total costs and expenses
|
1,270,306
|
|
|
1,606,455
|
|
||
|
|
|
|
||||
LOSS FROM OPERATIONS
|
(1,221,881
|
)
|
|
(1,568,857
|
)
|
||
|
|
|
|
||||
OTHER INCOME (EXPENSE)
|
|
|
|
||||
Interest expense
|
(50,588
|
)
|
|
(461,137
|
)
|
||
Other income (expense)
|
(53,034
|
)
|
|
194,929
|
|
||
Total other income (expense), net
|
(103,622
|
)
|
|
(266,208
|
)
|
||
|
|
|
|
||||
NET LOSS
|
(1,325,503
|
)
|
|
(1,835,065
|
)
|
||
|
|
|
|
||||
Less: net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
||
|
|
|
|
||||
NET LOSS ATTRIBUTABLE TO COMSTOCK MINING, INC.
|
$
|
(1,325,503
|
)
|
|
$
|
(1,835,065
|
)
|
|
|
|
|
||||
Net loss per common share – basic and diluted
|
$
|
(0.05
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
|
||||
Weighted average common shares outstanding — basic and diluted
|
27,264,555
|
|
|
15,800,481
|
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated
Deficit
|
|
Noncontrolling interest in Subsidiary
|
|
|
||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Amount
|
|
Total
|
||||||||||||||
BALANCE - January 1, 2019
|
|
—
|
|
|
$
|
—
|
|
|
15,067,655
|
|
|
$
|
50,175
|
|
|
$
|
241,419,897
|
|
|
$
|
(232,085,170
|
)
|
|
$
|
—
|
|
|
$
|
9,384,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of common stock
|
|
—
|
|
|
—
|
|
|
1,090,400
|
|
|
3,631
|
|
|
809,930
|
|
|
—
|
|
|
—
|
|
|
813,561
|
|
||||||
Common stock issuance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85,093
|
)
|
|
—
|
|
|
—
|
|
|
(85,093
|
)
|
||||||
Net Loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,835,065
|
)
|
|
—
|
|
|
(1,835,065
|
)
|
||||||
BALANCE - March 31, 2019
|
|
—
|
|
|
$
|
—
|
|
|
16,158,055
|
|
|
$
|
53,806
|
|
|
$
|
242,144,734
|
|
|
$
|
(233,920,235
|
)
|
|
$
|
—
|
|
|
$
|
8,278,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE - January 1, 2020
|
|
—
|
|
|
$
|
—
|
|
|
27,236,489
|
|
|
$
|
18,139
|
|
|
$
|
259,095,152
|
|
|
$
|
(235,890,272
|
)
|
|
$
|
269,541
|
|
|
$
|
23,492,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Issuance of common stock
|
|
—
|
|
|
—
|
|
|
638,511
|
|
|
425
|
|
|
242,196
|
|
|
—
|
|
|
—
|
|
|
242,621
|
|
||||||
Common stock issuance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50,070
|
)
|
|
—
|
|
|
—
|
|
|
(50,070
|
)
|
||||||
Sale of membership interests in Comstock Mining, LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||
Net Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,325,503
|
)
|
|
|
|
|
(1,325,503
|
)
|
||||||
BALANCE - March 31, 2020
|
|
—
|
|
|
$
|
—
|
|
|
27,875,000
|
|
|
$
|
18,564
|
|
|
$
|
259,387,278
|
|
|
$
|
(237,215,775
|
)
|
|
$
|
269,541
|
|
|
$
|
22,459,608
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(1,325,503
|
)
|
|
$
|
(1,835,065
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation, amortization, and depletion
|
199,442
|
|
|
586,921
|
|
||
Accretion of reclamation liability
|
5,178
|
|
|
5,710
|
|
||
Gain on sale of properties, plant, and equipment
|
(100,000
|
)
|
|
—
|
|
||
Amortization of debt discounts and issuance costs
|
38,705
|
|
|
71,623
|
|
||
Net loss on early retirement of long-term debt
|
2,750
|
|
|
151,531
|
|
||
Payment-in-kind interest expense
|
—
|
|
|
470,246
|
|
||
Change in make-whole liabilities
|
35,776
|
|
|
(135,162
|
)
|
||
Mark to market Tonogold preferred shares
|
285,000
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Prepaid expenses and other assets
|
6,979
|
|
|
24,934
|
|
||
Accounts payable
|
113,961
|
|
|
53,573
|
|
||
Accrued expenses and other liabilities
|
(488,656
|
)
|
|
(286,855
|
)
|
||
Deposits
|
1,055,129
|
|
|
—
|
|
||
NET CASH USED IN OPERATING ACTIVITIES
|
(171,239
|
)
|
|
(892,544
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from principal payment on note receivable
|
138
|
|
|
130
|
|
||
Proceeds from sale of mineral rights and properties, plant, and equipment
|
100,000
|
|
|
—
|
|
||
Proceeds from deposits on Membership Interest Purchase Agreement
|
100,000
|
|
|
1,950,000
|
|
||
Proceeds from deposits on the sale of non-mining assets to Sierra Springs
|
100,000
|
|
|
—
|
|
||
Purchase of mineral rights and properties, plant and equipment
|
—
|
|
|
(365,000
|
)
|
||
Deposits for Mercury Clean Up investment
|
(150,000
|
)
|
|
—
|
|
||
Change in reclamation bond deposit
|
(6,468
|
)
|
|
(33,428
|
)
|
||
NET CASH PROVIDED BY INVESTING ACTIVITIES
|
143,670
|
|
|
1,551,702
|
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payments on long-term debt
|
(154,760
|
)
|
|
(1,565,687
|
)
|
||
Proceeds from the issuance of common stock
|
242,621
|
|
|
813,561
|
|
||
Common stock issuance costs
|
(50,070
|
)
|
|
(85,093
|
)
|
||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
37,791
|
|
|
(837,219
|
)
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
10,222
|
|
|
(178,061
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
1,015,857
|
|
|
488,657
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
1,026,079
|
|
|
$
|
310,596
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest
|
$
|
285,138
|
|
|
$
|
34,460
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
DTSS (Land)
|
$
|
3,589,876
|
|
|
$
|
3,589,876
|
|
Industrial Park (Land and water rights)
|
2,738,462
|
|
|
2,738,462
|
|
||
Daney Ranch (Land and buildings)
|
2,146,575
|
|
|
2,146,575
|
|
||
Lucerne Mine (Mineral rights and properties) (Note 18)
|
1,539,197
|
|
|
1,539,197
|
|
||
Lucerne Properties (Reclamation asset, net)
|
19,590
|
|
|
19,590
|
|
||
Gold Hill Hotel (Land and buildings)
|
478,366
|
|
|
478,366
|
|
||
Total assets held for sale
|
$
|
10,512,066
|
|
|
$
|
10,512,066
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Lucerne Properties (Reclamation liabilities)
|
$
|
1,019,705
|
|
|
$
|
1,019,705
|
|
Total liabilities held for sale
|
$
|
1,019,705
|
|
|
$
|
1,019,705
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Land and property deposits
|
$
|
10,100
|
|
|
$
|
10,100
|
|
Deposit for Mercury Clean Up
|
1,651,050
|
|
|
1,501,050
|
|
||
Surety bond and insurance
|
137,262
|
|
|
110,558
|
|
||
Other
|
197,203
|
|
|
199,919
|
|
||
Total prepaid expenses and other current assets
|
$
|
1,995,615
|
|
|
$
|
1,821,627
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
||
Dayton resource area
|
$
|
2,932,226
|
|
|
$
|
2,932,226
|
|
Occidental area
|
1,002,172
|
|
|
1,002,172
|
|
||
Spring Valley area
|
810,000
|
|
|
810,000
|
|
||
Oest area
|
260,707
|
|
|
260,707
|
|
||
Northern extension
|
157,205
|
|
|
157,205
|
|
||
Northern targets
|
121,170
|
|
|
121,170
|
|
||
Other mineral properties
|
317,405
|
|
|
317,405
|
|
||
Water rights
|
90,000
|
|
|
90,000
|
|
||
Total mineral rights and properties
|
$
|
5,690,885
|
|
|
$
|
5,690,885
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Land and building
|
$
|
9,140,805
|
|
|
$
|
9,140,805
|
|
Vehicle and equipment
|
2,267,916
|
|
|
2,267,916
|
|
||
Processing and laboratory
|
21,113,177
|
|
|
21,113,177
|
|
||
Furniture and fixtures
|
549,860
|
|
|
549,860
|
|
||
|
33,071,758
|
|
|
33,071,758
|
|
||
Less accumulated depreciation
|
(25,319,524
|
)
|
|
(25,136,737
|
)
|
||
Total properties, plant and equipment
|
$
|
7,752,234
|
|
|
$
|
7,935,021
|
|
|
Three Months Ended
|
|
Twelve Months
Ended
|
||||
|
March 31, 2020
|
|
December 31, 2019
|
||||
Retirement obligation asset — beginning of period
|
$
|
115,926
|
|
|
$
|
203,274
|
|
Additional obligations incurred
|
—
|
|
|
—
|
|
||
Amounts reclassified to assets held for sale
|
—
|
|
|
(19,590
|
)
|
||
Amortization of retirement obligation asset
|
(14,491
|
)
|
|
(67,758
|
)
|
||
Retirement obligation asset — end of period
|
$
|
101,435
|
|
|
$
|
115,926
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Accrued make-whole for Mercury Clean Up LLC (Note 17)
|
$
|
485,410
|
|
|
$
|
452,740
|
|
Accrued interest expense
|
128,801
|
|
|
264,268
|
|
||
Accrued insurance liabilities
|
25,730
|
|
|
—
|
|
||
Accrued Northern Comstock Joint Venture
|
293,958
|
|
|
180,833
|
|
||
Accrued payroll costs
|
212,913
|
|
|
165,543
|
|
||
Accrued make-whole for Pelen LLC (Note 17)
|
75,708
|
|
|
222,602
|
|
||
Accrued Board of Directors fees
|
90,000
|
|
|
120,000
|
|
||
Accrued vendor liabilities
|
40,572
|
|
|
309,515
|
|
||
Other accrued expenses
|
59,314
|
|
|
139,930
|
|
||
Total accrued expenses and other liabilities
|
$
|
1,412,406
|
|
|
$
|
1,855,431
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|||
Deposits toward sale of non-mining assets
|
$
|
410,100
|
|
|
$
|
310,100
|
|
|
Prepaid expense reimbursement for American Flat lease option agreement
|
1,055,130
|
|
|
—
|
|
|||
Lease income
|
8,283
|
|
|
8,284
|
|
|||
Total deposits
|
$
|
1,473,513
|
|
|
$
|
318,384
|
|
Note Description
|
March 31, 2020
|
|
December 31, 2019
|
||||
Senior Secured Debenture (GF Comstock 2) - 11% interest, due 2021.
|
$
|
4,854,785
|
|
|
$
|
4,929,277
|
|
Note Payable (Caterpillar Financial Services) - 5.75% interest.
|
565,623
|
|
|
645,891
|
|
||
Total debt
|
5,420,408
|
|
|
5,575,168
|
|
||
Less: long-term debt discounts and issuance costs
|
(121,638
|
)
|
|
(163,094
|
)
|
||
Total debt, net of discounts and issuance costs
|
5,298,770
|
|
|
5,412,074
|
|
||
Less: current maturities
|
(5,065,934
|
)
|
|
(328,068
|
)
|
||
Long-term debt, net of discounts and issuance costs
|
$
|
232,836
|
|
|
$
|
5,084,006
|
|
|
Three Months Ended
|
|
Twelve Months
Ended
|
||||
|
March 31, 2020
|
|
December 31, 2019
|
||||
Long-term reclamation liability — beginning of period
|
$
|
6,034,208
|
|
|
$
|
7,441,091
|
|
Reduction of obligation
|
—
|
|
|
(410,018
|
)
|
||
Amount reclassified to liabilities held for sale
|
—
|
|
|
(1,019,705
|
)
|
||
Accretion of reclamation liability
|
5,178
|
|
|
22,840
|
|
||
Long-term reclamation liability — end of period
|
$
|
6,039,386
|
|
|
$
|
6,034,208
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
2,250
|
|
|
Right-of-use assets obtained in exchange for operating lease obligations
|
$
|
979
|
|
Lease Assets and Liabilities
|
Classification
|
|
March 31, 2020
|
||
Operating lease right-of-use asset
|
Other assets
|
|
$
|
54,352
|
|
|
|
|
|
||
Operating lease liability - current
|
Accrued expenses and other liabilities
|
|
$
|
3,147
|
|
Operating lease liability - long-term
|
Other liabilities
|
|
52,578
|
|
|
Total operating lease liabilities
|
|
|
$
|
55,725
|
|
Remainder of 2020
|
|
$
|
6,800
|
|
2021
|
|
9,350
|
|
|
2022
|
|
9,650
|
|
|
2023
|
|
9,950
|
|
|
2024
|
|
10,250
|
|
|
Thereafter
|
|
42,050
|
|
|
Total operating lease payments
|
|
88,050
|
|
|
Less: Imputed interest
|
|
32,325
|
|
|
Present value of lease liabilities
|
|
$
|
55,725
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||
|
March 31, 2020
|
|
March 31, 2019
|
||||
Number of shares sold
|
638,511
|
|
|
1,090,400
|
|
||
|
|
|
|
||||
Gross cash proceeds
|
$
|
242,621
|
|
|
$
|
813,561
|
|
Fees
|
50,070
|
|
|
85,093
|
|
||
Net proceeds
|
$
|
192,551
|
|
|
$
|
728,468
|
|
|
|
|
|
||||
Average price per share
|
$
|
0.38
|
|
|
$
|
0.75
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Numerator:
|
|
|
|
||||
Net loss attributable to Comstock Mining Inc.
|
$
|
(1,325,503
|
)
|
|
$
|
(1,835,065
|
)
|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Basic and diluted weighted average shares outstanding
|
27,264,555
|
|
|
15,800,481
|
|
||
|
|
|
|
||||
Net loss per common share:
|
|
|
|
||||
Basic and Diluted
|
$
|
(0.05
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
Fair Value Measurements at
|
||||||||||||
|
|
|
March 31, 2020
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Convertible preferred shares of Tonogold (Note 18)
|
$
|
8,795,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,795,000
|
|
Total Assets
|
$
|
8,795,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,795,000
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued make-whole for Pelen LLC (Note 17)
|
$
|
75,708
|
|
|
$
|
—
|
|
|
$
|
75,708
|
|
|
$
|
—
|
|
Accrued make-whole for Mercury Clean Up LLC (Note 17)
|
485,410
|
|
|
—
|
|
|
485,410
|
|
|
—
|
|
||||
Total Liabilities
|
$
|
561,118
|
|
|
$
|
—
|
|
|
$
|
561,118
|
|
|
$
|
—
|
|
|
|
|
Fair Value Measurements at
|
||||||||||||
|
|
|
December 31, 2019
|
||||||||||||
|
Total
|
|
Quoted
Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Convertible preferred shares of Tonogold (Note 18)
|
$
|
9,080,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,080,000
|
|
Total Assets
|
$
|
9,080,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,080,000
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Accrued make-whole for Pelen LLC (Note 17)
|
$
|
222,602
|
|
|
$
|
—
|
|
|
$
|
222,602
|
|
|
$
|
—
|
|
Accrued make-whole for Mercury Clean Up LLC (Note 17)
|
452,740
|
|
|
—
|
|
|
452,740
|
|
|
—
|
|
||||
Total Liabilities
|
$
|
675,342
|
|
|
$
|
—
|
|
|
$
|
675,342
|
|
|
$
|
—
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Revenue
|
|
|
|
||||
Mining
|
$
|
—
|
|
|
$
|
—
|
|
Real estate
|
48,425
|
|
|
37,598
|
|
||
Total revenue
|
48,425
|
|
|
37,598
|
|
||
|
|
|
|
||||
Costs and Expenses
|
|
|
|
||||
Mining
|
(1,256,710
|
)
|
|
(1,596,031
|
)
|
||
Real estate
|
(13,596
|
)
|
|
(10,424
|
)
|
||
Total costs and expenses
|
(1,270,306
|
)
|
|
(1,606,455
|
)
|
||
|
|
|
|
||||
Operating Income (Loss)
|
|
|
|
||||
Mining
|
(1,256,710
|
)
|
|
(1,596,031
|
)
|
||
Real estate
|
34,829
|
|
|
27,174
|
|
||
Total loss from operations
|
(1,221,881
|
)
|
|
(1,568,857
|
)
|
||
|
|
|
|
||||
Other income (expense), net
|
(103,622
|
)
|
|
(266,208
|
)
|
||
Net income (loss)
|
$
|
(1,325,503
|
)
|
|
$
|
(1,835,065
|
)
|
|
|
|
|
||||
Capital Expenditures
|
|
|
|
||||
Mining
|
$
|
—
|
|
|
$
|
—
|
|
Real estate
|
—
|
|
|
365,000
|
|
||
Total capital expenditures
|
$
|
—
|
|
|
$
|
365,000
|
|
|
|
|
|
||||
Depreciation, Amortization, and Depletion
|
|
|
|
||||
Mining
|
$
|
193,482
|
|
|
$
|
583,507
|
|
Real estate
|
5,960
|
|
|
3,414
|
|
||
Total depreciation, amortization, and depletion
|
$
|
199,442
|
|
|
$
|
586,921
|
|
|
As of March 31,
|
|
As of December 31,
|
||||
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Mining
|
$
|
29,776,143
|
|
|
$
|
30,106,865
|
|
Real estate
|
9,476,862
|
|
|
9,463,027
|
|
||
Total assets
|
$
|
39,253,005
|
|
|
$
|
39,569,892
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
Shares outstanding as of beginning of period
|
|
27,236,489
|
|
|
15,067,655
|
|
Shares issued for:
|
|
|
|
|
||
Equity issue agreements
|
|
638,511
|
|
|
1,090,400
|
|
Shares outstanding as of end of period
|
|
27,875,000
|
|
|
16,158,055
|
|
|
March 31, 2020
|
|
March 31, 2019
|
|
Change
|
||||||
Revenue - mining
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Revenue - real estate
|
48,425
|
|
|
37,598
|
|
|
10,827
|
|
|||
|
|
|
|
|
|
|
|||||
Costs applicable to mining revenue
|
125,893
|
|
|
505,393
|
|
|
(379,500
|
)
|
|||
Real estate operating costs
|
13,596
|
|
|
10,424
|
|
|
3,172
|
|
|||
Exploration and mine development
|
136,721
|
|
|
225,867
|
|
|
(89,146
|
)
|
|||
Mine claims and costs
|
122,070
|
|
|
150,954
|
|
|
(28,884
|
)
|
|||
Environmental and reclamation
|
26,798
|
|
|
53,451
|
|
|
(26,653
|
)
|
|||
General and administrative
|
845,228
|
|
|
660,366
|
|
|
184,862
|
|
|||
Total costs and expenses
|
1,270,306
|
|
|
1,606,455
|
|
|
(336,149
|
)
|
|||
|
|
|
|
|
|
||||||
Loss from operations
|
(1,221,881
|
)
|
|
(1,568,857
|
)
|
|
346,976
|
|
|||
OTHER INCOME (EXPENSE)
|
|
|
|
|
|
||||||
Interest expense
|
(50,588
|
)
|
|
(461,137
|
)
|
|
410,549
|
|
|||
Other income (expense)
|
(53,034
|
)
|
|
194,929
|
|
|
(247,963
|
)
|
|||
|
|
|
|
|
|
||||||
NET LOSS
|
$
|
(1,325,503
|
)
|
|
$
|
(1,835,065
|
)
|
|
$
|
509,562
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
10.1
|
|
|
|
|
|
31*
|
|
|
|
|
|
32*
|
|
|
|
|
|
95*
|
|
|
|
|
|
101*
|
|
Interactive Data File (Quarterly Report on Form 10-Q, for the periods ended March 31, 2020, furnished in XBRL (extensible Business Reporting Language)).
|
|
|
|
|
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019, (ii) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019, (iii) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 and (iv) the Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
|
|
COMSTOCK MINING, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date:
|
May 7, 2020
|
By:
|
/s/ Corrado De Gasperis
|
|
|
|
Name: Corrado De Gasperis
|
|
|
|
Title: Executive Chairman and Chief Executive Officer (Principal Executive, Financial, and Accounting Officer)
|
|
|
|
|
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